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FPA Presentation
Platinum Asset Management Presentation
• Hear the latest on the new education and professional standards• Better understand the Government and regulators' policy agenda• Learn more about the FPA Professional Ongoing Fees Code• Q & A
• Gain insights on how to identify investment opportunities in global markets at a time of enormous change and disruption.
• Q & A
Enshrinement of terms Financial Planner/Adviser
Degree + Exam + Professional Year
Financial Adviser Standards and Ethics Authority (FASEA)
Financial Adviser Register
CPD + Code of Ethics
Approved Relevant Non-relevant
9 Masters / Professional designation 15 8 2
Graduate Diploma / Professional Designation 15 8 2
Graduate Certificate / Professional Designation 15 8 2
7 Bachelors Degree 5 4 1
6 Advanced Diploma - Financial Services
5 Diploma - Financial Services
CPD CPD
8
Points per unit of studyQualificationAQF Level
4
2
2
FPA Draft Proposal
0
50
100
150
200
250
DFP only ADFP DFP 1-8 CFP ADFP & CFP 1-4 ApprovedDegree
ApprovedMasters
CFP withRelevant Degree
CFP with NRDegree & ADFP
Existing Adviser Pathway Examples
AQF9 AQF7 AQF7 NR AQF6 AQF5 CPD
FPA Draft Proposal
CFP® Holistic advice
providersGraduates Stock
brokersLife risk
specialists
Super intra fund advice providers
Limited license
accountants
Aged care specialists
Disability specialists
SMSF specialists
Strategic only advice providers
Money coaches
Exam areas
Compliance with Chapter 7 of the Corporations Act 2001
Tax Agent Services Act 2009
Anti-Money Laundering and Counter-Terrorism Financing Act 2006
Common law fiduciary duties
Ethics
FPA Draft Proposal
Tax (financial) adviser qualification and experience pathways
Registration Options Primary QualificationTPB Approved Courses
Experience (full time)Australian
Taxation lawCommercial
law
Pre – July 17 Transitional Option ✖ ✖ ✖ 18 months
Post – July 17
301 Tertiary Qualifications Degree or post-graduateaward in relevant discipline ✔ ✔ 12 months in past 5
years
302 Diploma or higher awards Diploma or higher award in relevant discipline ✔ ✔ 18 months in past 5
years
303 Work Experience ✖ ✔ ✔ 3 years in past 5 years
304 Membership of professional association
Voting member of a recognised tax (financial)
adviser or tax agent association
✖ ✖ 6 years in past 8 years
Advice compliance at the Big 5
Conflicted advice at the
Big 5
Fee-for-no-service
Life Insurance
SOA
Quality of financial advice
Accountants –limited
licensee
Funding model
Insurance churn by advisers
Pll held by smaller
licensees
ASICCourt cases
Breach reporting
Effective: 29 files (18%)
Partially effective: 91 files (57%)
Ineffective: 40 files (25%)
Effectiveness of adviser audit process for sample files
AUSTRAC
AML/CTF rules update
New AML/CTF
forms
Tranche 2 –real estate, lawyers and accountant
Risk Assessment
Privacy Guidance
EDR Review / Last Resort Comp Scheme Consumer Protections FSI
Royal Commission Digital Advice FOS Small Business loan disputes
PC review of super ABA Banking Rem Review
FSC/LISWG Life Insurance Codes
Annual/One off fee Opt-in FPA POFC
Who All planners All plannersLimited to FPA CFP®
professional and FinancialPlanner AFP®
Letter of engagement Single or one yearengagement
Standard ongoing engagement
Standard ongoing with FPA T&Cs
Client re-engagement As required by client Signed renewal notice every two years
Review on regular basis.Re-engage every three
years. Document renewal agreement
Fee Disclosure Statement No Yes Yes